Toyosa, the exclusive dealer for Toyota and Yamaha in Bolivia, has debuted USDT payments for its sales operations. The initiative, completed in collaboration with Towerbank and Bitgo, will allow customers to pay for their vehicles using Tether’s stablecoin via a QR code.
Toyota and Yamaha Leverage USDT for Payments in Bolivia
Toyosa, an exclusive dealer for several automotive brands in Bolivia, including Toyota, Lexus, Yamaha and BYD, is hopping onto the stablecoin train, including USDT as a payment method for vehicles and motorbikes.
The move seeks to capitalize on the growing popularity of USDT in the country, and also help customers who wish to acquire their cars but do not have access to actual cash. Toyosa’s initiative is part of a collaboration between the company, Bitgo, which will provide institutional custody for the funds, and Panama-based Towerbank, which will provide transaction processing services.
According to a press release issued by Toyosa, this is the first time that an automotive company implements large-scale USDT payments in Latin America, and one of the first in the whole world.
The payment can be completed using a QR code, designed to ease the process of completing the transaction and enjoying the stability of USDT compared to the fluctuating prices in national fiat currency.
Edwin Saavedra, Toyosa’s spokesman, noted this was not only a technological advancement but a new way of doing business. “By integrating stablecoin payments, we offer a unique and simplified shopping experience for our customers. This collaboration with industry leaders like Bitgo, Tether, and Towerbank allows us to open a new era of financial innovation in the automotive sector,” he assessed.
Paolo Ardoino, CEO of Tether, celebrated this announcement, highlighting the relevance of their star stablecoin product in markets where users face headwinds in acquiring dollars, such as Bolivia.
He stated:
USDT is the digital dollar for hundreds of millions in the emerging markets. Ubiquity.
Stablecoin adoption has increased in Bolivia since the central bank unbanned crypto use in the country last year, with trading volumes rising as the state faces a dollar scarcity issue derived from the implementation of currency controls.
